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DongA Bank to set up financial services affiliate   2009-03-23 - VietNamNet/VNA

Shareholders of DongA Bank have agreed to establish this year a financial joint-stock company that will have a charter capital of 500 billion VND (28.5 million USD).

The affiliate company will specialise in financial services, including card issuances and payments as well as consumer loan provision.

This year the bank targets to release around 1.5 million cards and install an additional 1,000 ATMs that will increase the total number of the machines in its network to 2,200 nationwide.

Its shareholders’ annual meeting this week also approved a plan to increase the number of branches and transaction offices to 200 from the current 163.

The bank expects capital mobilisation will reach 32 trillion VND, up 16 percent over the 2008 figure, and outstanding loans will record 27 trillion VND, showing a rise of 15 percent over last year’s figure.

The pre-tax profit goal is set at 750 billion VND, a year-on-year rise of more than 7 percent.

DongA Bank also plans to increase its total asset value to 40 trillion VND, 19 percent higher than 2008.

To facilitate its growth plan, DongA Bank will issue 5.2 million shares at par (10,000VND) to existing shareholders who will be eligible to buy 18 shares for every 100 they own.

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